Swiss cement giant Holcim this week said it would exit the Russian market “in line with the company’s values to operate in the most responsible manner”.
It made the announcement on 29 March, as Russian President Vladimir Putin’s invasion of Ukraine entered its second month.
The company previously said it would suspend all capital investments in Russia.
“The Board expresses its heartfelt concern about the tragic human suffering unfolding across the region and is fully committed to supporting affected people, families and communities,” Holcim said.
Holcim products have been used extensively on Russian infrastructure projects.
In the run-up to the 2018 World Cup, its plants in Shurovo, Ferzikovo and Volsk, as well as its aggregate quarries in Karelia Republic, supplied materials for eight of 12 new or expanded stadiums, the company said in 2018.
It also supplied materials for the expansion of the Moscow metro.
In 2020, LafargeHolcim, as it was then called, said it delivered more than 180,000 tonnes of product in Russia in 2019 and planned to deliver some 100,000 tonnes in 2020.